Francisco Partners and Elliott Management to Acquire the Dell
Software Group

June 20, 2016 08:00 AM Eastern Daylight Time

SAN FRANCISCO & ROUND ROCK, Texas--(BUSINESS WIRE)--Francisco Partners, a leading technology-focused private equity firm,
Elliott Management Corporation, and Dell today announced they have
signed a definitive agreement for Francisco Partners and Elliott to
acquire the Dell Software Group. The agreement bolsters Francisco
Partners and Elliott Management’s technology portfolios with the
addition of Dell Software’s diverse combination of security, systems and
information management, and data analytics solutions.

“We founded our firm in 1999 to pursue divisional carve outs in the
technology sector and today’s agreement continues that vision,” said
Dipanjan “DJ” Deb, Francisco Partners’ Chief Executive Officer. “Quest
Software and SonicWALL provide mission-critical software to a large and
loyal base of over 180,000 customers, and we see significant opportunity
to build upon the company’s impressive technology and product portfolio.
We are excited to be partnering with Elliott Management and want to
thank Silver Lake Partners and Dell for their continued partnership.”

“Elliott has been a long-term investor in the technology space and
today’s announcement continues our progress,” said Jesse Cohn, Senior
Portfolio Manager at Elliott Management. “This acquisition represents a
significant deal by Evergreen Coast Capital, Elliott’s recently
established Menlo Park affiliate. We look forward to working with
Francisco Partners to create significant value at these companies.”

“Francisco Partners and Elliott Management’s deep passion for technology
and proven track records in nurturing and building software businesses
will enable Dell Software’s loyal base of employees to continue
delivering innovation,” said Tom Sweet, senior vice president and chief
financial officer, Dell. “We look forward to continuing to work closely
with the Francisco Partners and Elliott Management teams to further
enhance the already great relationships Dell Software has with its
customers and partners.”

Dell Software’s comprehensive portfolio of solutions span a number of
areas critical to the modern business and IT management landscape,
including advanced analytics, database management, data protection,
endpoint systems management, identity and access management, Microsoft
platform management, network security, and performance monitoring. With
Dell Software solutions, organizations of all sizes can better secure,
manage, monitor, protect, and analyze information and infrastructure in
order to help fuel innovation and drive their businesses forward.

“We see tremendous growth opportunity for these businesses,” said Brian
Decker, head of security investing at Francisco Partners. “Network
security and identity and access management are increasingly strategic
imperatives for enterprises and we are thrilled to support the continued
product innovation of Quest Software and SonicWALL in these areas.”

“We are proud to partner with Francisco Partners to acquire Dell
Software from Dell Inc.,” said Isaac Kim, Managing Director of Evergreen
Coast Capital. “Dell Software has world class products and talented
employees, and we look forward to working with the management team to
grow revenues and increase value. We believe these companies offer
unique value and operational potential.”

“We’re proud to have built a robust portfolio of software solutions that
help make the lives of customers easier,” said John Swainson, president,
Dell Software. “Whether they’re managing applications and data, securing
their networks, protecting critical information, or deriving key
insights from data, customers across the globe have come to rely on Dell
Software for top-flight products, service and support. We look forward
to continuing that focus as part of the Francisco Partners and Elliott
Management portfolio of companies.”

Francisco Partners’ Chief Investment Officer David Golob added, “We have
a long and successful track record executing divisional carve-out
transactions and we look forward to working with the management teams at
these businesses to create additional value for the company, its
customers, and its partners as an independent entity.”

Francisco Partners is a leading global private equity firm, which
specializes in investments in technology and technology-enabled services
businesses. Since its launch over 15 years ago, Francisco Partners has
raised approximately $10 billion in capital and invested in more than
150 technology companies, making it one of the most active and
longstanding investors in the technology industry. The firm invests in
transaction values ranging from $50 million to over $2 billion, where
the firm's deep sectoral knowledge and operational expertise can help
companies realize their full potential.

About Elliott

Elliott Management Corporation manages two multi-strategy hedge funds
which combined have approximately $28 billion of assets under
management. Its flagship fund, Elliott Associates, L.P., was founded in
1977 making it one of the oldest hedge funds under continuous
management. The Elliott funds’ investors include pension plans,
sovereign wealth funds, endowments, foundations, funds-of funds, high
net worth individuals and families, and employees of the firm.

About Dell

Dell Inc., a wholly owned subsidiary of Denali Holding, Inc., listens to
customers and delivers worldwide innovative technology, business
solutions and services that give them the power to do more. For more
information, visit www.dell.com.
For more information on Dell Software, visit software.dell.com.

Disclosure Regarding Forward-Looking Statements

This communication contains forward-looking statements, which reflect
Dell Inc.’s current expectations. In some cases, you can identify these
statements by such forward-looking words as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“should,” “will” and “would,” or similar expressions. Factors or risks
that could cause our actual results to differ materially from the
results we anticipate include, but are not limited to: (i) the failure
to consummate or delay in consummating the proposed transaction; (ii)
the risk that a condition to closing of the proposed transaction may not
be satisfied; (iii) the risk that a regulatory approval that may be
required for the proposed transaction is delayed, is not obtained, or is
obtained subject to conditions that are not anticipated; and (iv) the
effect of the announcement of the proposed transaction on Dell Inc.’s
relationships with its customers, operating results and business
generally. Dell Inc. undertakes no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required by law